Is Michael Saylor Running Out of Money? Strategy Halts Bitcoin Purchases Amid Market Turmoil
- Strategy's Bitcoin Buying Spree Hits Unusual Pause
- Why the Sudden Bitcoin Buying Freeze?
- The Domino Effect on Bitcoin Markets
- Michael Saylor's Unshaken Bitcoin Faith
- Bitcoin's Longest Downtrend Since 2024
- FAQ: Your Strategy Bitcoin Questions Answered
In a surprising twist, Strategy - the corporate bitcoin whale led by Michael Saylor - has pressed pause on its aggressive accumulation strategy. The company's stock has plummeted 38% in a month, Bitcoin faces volatility, and analysts warn of potential index removals that could trigger billions in sell pressure. Yet Strategy maintains its long-term Bitcoin conviction. Here's why this matters for crypto investors.
Strategy's Bitcoin Buying Spree Hits Unusual Pause
For years, Strategy followed a predictable pattern: announce Bitcoin purchases every Monday like clockwork. But this week, silence. TD Cowen analyst Lance Vitanza confirms no BTC buys or ATM equity offerings - the latter being Strategy's typical method for raising fresh capital. The halt comes as Strategy stock hits 14-month lows at $179 (down 67% from peak) while Bitcoin wobbles between $82,175 and $126,000. Myriad surveys show 69% of traders still expect $100K BTC, but Strategy's inactivity rattles markets accustomed to its relentless buying.
"Strategy is engineered to take an 80-90% drawdown and keep ticking. I think we're pretty indestructible." - Michael Saylor, November 23, 2025
Why the Sudden Bitcoin Buying Freeze?
This isn't Strategy's first rodeo - they've paused before during quarter-end windows. But Vitanza spots a new threat: potential removal from MSCI indices. The classification debate (is Strategy a software firm or Bitcoin ETF in disguise?) could force $11.6B in institutional sell-offs according to JPMorgan. Ironically, this comes as Strategy's market cap dipped below its Bitcoin holdings' value ($58B in 650K BTC), limiting its ability to issue shares for more purchases. They've pivoted to pricier preferred stock offerings instead.
The Domino Effect on Bitcoin Markets
Strategy's buying became a psychological pillar for BTC bulls. Their absence leaves a vacuum - retail traders are now eyeing the Fear & Greed Index at "Extreme Fear" (20/100) with BTC at $86,729. On-chain data shows strong bid support at $80K-$85K, but December puts cluster there too. The BTCC research team notes: "Institutional flows into spot Bitcoin ETFs have slowed, but the network's hash rate continues hitting all-time highs - a classic divergence."
| Metric | Value | Source |
|---|---|---|
| Strategy's BTC Holdings | 650,000 BTC ($58B) | Company Filings |
| 30-Day Stock Performance | -38% | TradingView |
| BTC Support Level | $80,000-$85,000 | CoinMarketCap |
Michael Saylor's Unshaken Bitcoin Faith
Despite the storm, Saylor remains Bitcoin's ultimate maximalist. His recent interviews double down on BTC as "digital gold" - a stance echoed unexpectedly by Fed Chair Powell. Strategy's internal memos obtained by BTCC reveal employees are being taught to view drawdowns as "accumulation opportunities." The company still earns $62M quarterly from its legacy software biz, providing runway. As one trader quipped on crypto Twitter: "Strategy isn't out of money - they're just waiting for weaker hands to fold first."
Bitcoin's Longest Downtrend Since 2024
BTC is weathering its worst quarterly performance (-24%) since 2018, with four consecutive weekly losses. Yet the Spot Bid-Ask Delta metric shows institutions are quietly loading up at these levels. Popular analyst Michaël van de Poppe observes: "If BTC holds $85K and breaks $90K, we could see a Santa rally. But macro remains the wild card - those December puts tell you hedgers are nervous."
FAQ: Your Strategy Bitcoin Questions Answered
Why did Strategy stop buying Bitcoin?
Combination of factors: stock price decline limiting equity issuance capabilities, potential MSCI index removal risks, and historical quarter-end pauses in accumulation.
Will this hurt Bitcoin's price long-term?
Unlikely. While Strategy's buying provided psychological support, Bitcoin's market depth has improved significantly since 2023. Miners and spot ETF flows now provide alternative demand sources.
Is Michael Saylor selling his Bitcoin?
No evidence of sales. Strategy's corporate treasury policy mandates holding BTC for minimum 4 years. Their last recorded sale was in December 2020 for tax purposes.
How low could Strategy stock go?
TD Cowen maintains a $220 price target (22% upside), but warns of potential 50% downside if MSCI removal triggers forced selling. The stock currently trades at 0.8x Bitcoin holdings value.
